Ford, GM shares slump on dismal European sales

SAN FRANCISCO (MarketWatch) -- Ford Motor Co.
F, -0.08%
and General Motors Co.
GM, +1.59%
shares fell Wednesday on data showing car sales in the European Union plunged last month to a 17-year low. Both U.S.-based car companies have faced heavy losses in the region, which has been plagued by financial crises, tight credit and weak consumer confidence. The European Automobile Manufacturers' Association reported Wednesday vehicle registrations fell 16% in December to 838,428 while full-year sales fell 8.2% to 12.1 million. Both Ford and GM saw December sales in Europe fall 27% from a year ago. Ford, which warned it expects 2012 losses in Europe to total $1.5 billion, has also vowed to return to profit there by 2015. Ford shares were last down 0.8% at $14.18 while GM shares were down 4% at $29.33.

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